The Bridge Loan Promissory Note is utilized when a borrower requires temporary financing to cover immediate capital needs while awaiting more permanent financing or the completion of a specific transaction. This document is particularly common in real estate transactions, corporate acquisitions, and business expansion scenarios in Canada. The note typically includes detailed terms regarding the principal amount, interest calculations, repayment schedule, and any security arrangements. It must comply with Canadian federal legislation such as the Interest Act and Bills of Exchange Act, as well as applicable provincial laws. The document serves as both a proof of debt and a legally binding agreement, often used by financial institutions, private lenders, and businesses when traditional longer-term financing options are not immediately available or practical.
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1. Parties: Identification of the Lender and Borrower with full legal names and addresses
2. Background: Brief context explaining the purpose of the bridge loan and relationship between parties
3. Definitions: Key terms used throughout the document, including 'Business Day', 'Interest Rate', 'Maturity Date', etc.
4. Principal Amount: Statement of the loan amount in both numbers and words
5. Interest Rate: Specification of the interest rate, calculation method, and payment frequency
6. Term and Maturity: Duration of the loan and specific maturity date
7. Repayment Terms: Details of how and when the principal and interest will be repaid
8. Prepayment Rights: Terms and conditions for early repayment of the loan
9. Events of Default: Circumstances that constitute default and consequences
10. Remedies: Lender's rights and remedies upon default
11. Representations and Warranties: Basic statements of fact and promises by the Borrower
12. Notice Provisions: How and where formal notices must be delivered
13. Governing Law: Specification of applicable Canadian jurisdiction
14. Signature Block: Execution section with date and signature lines
1. Security: Include if the bridge loan is secured by any assets or guarantees
2. Guarantee: Include if there is a personal or corporate guarantee of the loan
3. Conditions Precedent: Include if there are specific conditions that must be met before the loan is advanced
4. Use of Proceeds: Include if there are restrictions on how the loan proceeds may be used
5. Assignment: Include if transfer rights need to be specifically addressed
6. Subordination: Include if the bridge loan needs to be subordinated to other debt
7. Tax Provisions: Include if there are specific tax considerations or withholding requirements
8. Currency: Include if the loan is in a currency other than Canadian dollars
1. Schedule A - Repayment Schedule: Detailed schedule of payment dates and amounts, if applicable
2. Schedule B - Security Description: Detailed description of any collateral securing the loan
3. Schedule C - Guarantor Information: Details of guarantors and guarantee terms, if applicable
4. Schedule D - Conditions Precedent Checklist: List of conditions that must be satisfied before loan advance
5. Schedule E - Form of Draw Request: Standard form for requesting loan advances, if multiple draws are permitted
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Private Equity
Commercial Banking
Investment Banking
Small Business
Manufacturing
Technology
Healthcare
Retail
Energy
Infrastructure
Relevant Teams
Legal
Finance
Treasury
Credit
Risk Management
Compliance
Corporate Development
Real Estate
Investment Banking
Commercial Banking
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Lawyer
Legal Counsel
Investment Banker
Commercial Loan Officer
Credit Manager
Risk Manager
Real Estate Developer
Business Development Manager
Financial Controller
Compliance Officer
Private Equity Manager
Corporate Secretary
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